.VoltInuOfficial will burn $75 million worth of its own tokens over five days from an Ethereum to BNB Chain bridge in a move it says would help improve security and token value. By shauryamalwa.
to burn nearly 45 trillion VOLT tokens on a BNB Chain to Ethereum bridge was passed Monday by voters, with $14 million worth already burned as of the time of writing on Tuesday.
The project also plans to expand to the Polygon network in a bid to acquire new users. Initially a memecoin themed after wolves, Volt Inu offers to users a decentralized exchange and a dragon-themed non-fungible token collection. Developers said burning tokens on the liquidity bridge is a security measure to protect against bridge attacks while improving token value for holders.
Bridges are blockchain-based tools that allow users to transfer tokens between different blockchains. However, these have been very susceptible to attacks: Last year alone saw over $2 billion lost or stolen from cross-chain bridges, asDevelopers said that while the liquidity locked in the bridge contract will be reduced by burning 44.85 trillion VOLT, some of the liquidity will the bridge will be important for arbitrage and meeting the liquidity demands of exchanges.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shibarium Has No Exact Release Date, Shiba Inu (SHIB) Lead Developer DeclaresChances of a Shibarium release on Valentine's Day getting smaller and smaller shibainu shib shibarmy shibarium shibaeternity shibadoge shibburn valentinesday $shib $bone
Read more »
102 Million Shiba Inu (SHIB) Burned as Shibarium Release Date Becomes Enigma Again102 million $SHIB get removed in the past week as the ShibaInu price drops 14%. Shibarium ShytoshiKusama shibburn
Read more »
Shiba Inu (SHIB) Trading Volume Responds With 50% Jump as Price Considers Next MoveShiba Inu's (SHIB) trading volume jumps 50% as rare pattern builds up SHIB $SHIB Shibainu ShibArmy SHIIBCommunity
Read more »
Shiba Inu (SHIB) Extremely Unprofitable, On-Chain Data Shows, Here's What It Means for Asset$SHIB profitability drop might severely affect the token's performance in the future, here's how
Read more »
Shiba Inu (SHIB) Can Reach $1 Thanks to These Drivers, Bone ShibaSwap (BONE) Account SaysAccording to official BONE account, it is possible for SHIB to reach $1 level
Read more »
Lead SHIB Developer Adds Optimism to Shiba Inu Army on Shibarium LaunchPerson calling himself Shytoshi Kusama has addressed SHIB army and 'Shiba Wings' regarding upcoming Shibarium launch
Read more »